The right time to Increase De Beers stake: Botswana’s mines minister

Botswana’s mines minister Bogolo Kenewendo says it’s “absolutely” the right time to discuss the government increasing its 15 per cent stake in De Beers.

Published

2 years ago

February 11, 2025

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She indicated that Anglo American, which owns the other 85 per cent of De Beers, was moving closer to an initial public offering (IPO) and that Botswana was pushing for a larger stake.

Anglo announced last week that it was likely to write down the value of De Beers from its current $7.6bn, as a result of persistent weak diamond demand, especially in China.

Botswana’s diamond, which accounts for over 70 per cent of the country’s export earnings, has been severely hit by the global slump in demand.

In the last nine months of 2024 Debswana – its 50/50 joint venture with De Beers it sold $1.53bn of rough, down 52 per cent on the same period in 2023.

Natural Diamond Market Defies Demand-Supply Dynamics As Prices Continue To Fall

The Diamond Market Continues To Defy Basic Supply-and-Demand Dynamics, Weighed Down By Structural Shifts In Consumer Behavior and Persistent Macroeconomic Pressures.

Published

4 hours ago

October 29, 2026

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According to figures from the Kimberley Process, global rough diamond production fell 8% in 2025 to 98.8 million carats, down from 107.9 million carats in 2024. The output marks a significant milestone in the ongoing contraction of the natural diamond mining sector, placing global supply approximately one-third lower than its 2017 high.

De Beers, the world’s premier diamond mining company by value, underscored the depth of the slump in its recent financial disclosures. The industry giant reported that its average realized rough diamond price plummeted 32% in the first half of 2026, falling to $105 per carat.

Under traditional economic principles, a tightening supply chain typically drives prices upward. Yet, the diamond market continues to defy basic supply-and-demand dynamics, weighed down by structural shifts in consumer behavior and persistent macroeconomic pressures.

Industry analysts attribute the sustained drop in realization prices to a confluence of headwinds: Rise of Lab-Grown Alternatives:

Persistent Market Pressures: Changing Consumer Priorities:

With natural supply reaching historic lows and prices remaining under heavy pressure, miners and industry stakeholders face unprecedented pressure to re-calibrate their market strategies and re-establish the value proposition of natural gems in an evolving retail landscape.